Bachman Lake was originally constructed in 1903 by damming Bachman Branch as a water source for Dallas, but it proved to be too small for the city's needs which led to the construction of White Rock Lake in 1911. Today, Dallas Water Utilities operates the Bachman Water Treatment Plant (WTP), which is the city's oldest operating water treatment plant still in operation.

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The area surrounding the lake is currently a hot bed of new construction. The Shops at Bluffview brought 260,000 square feet (24,000 m2) of upscale apartment, retail, restaurant and office development to the area in 2008. In 2019, Trinisc Residential completed the Aura at Bluffview, a 473-unit Class A apartment community on the lake's northeastern trailhead.

Today, Bachman Lake is used as a recreational area that includes the Bachman Recreation Center, several picnic areas, and a playground. A 3.3-mile (5.3 km) paved trail for pedestrians and cyclists surrounds the lake with fitness stations, benches, water fountains, restrooms, and picnic areas at several locations.

Bachman Lake also serves as the home of the Dallas Rowing Club and supports sailing and rowing with a marina and boathouse. Fishing is also permitted as the lake is regularly stocked with catfish (see Stocking Schedule). The feeding of wildlife is prohibited due to the lake's location in the flight path of Love Field.